A subscriber asks a very intriguing question on whether the THETA/BTC chart has bottomed and what this might mean for THETA. Let’s look at the chart.
We can see what looks to be a completed correction, with an ABC pattern finishing with a compound ABCDE correction in the C-wave. This has formed a double bottom on the 0.786 Fibonacci projection of the A-wave from B, confirming this level as support and pushing price towards the upper resistance line of the declining wedge formation. A break of this line to the upside, once confirmed, should see appreciation in the THETA/BTC pairing. That is, THETA will begin outperforming BTC once again in this scenario.
However, that does not mean the correction in THETA/USDT is necessarily over, just that declines in BTC would be more significant.
What do you think? Has THETA turned the corner in its BTC declines?
We can see what looks to be a completed correction, with an ABC pattern finishing with a compound ABCDE correction in the C-wave. This has formed a double bottom on the 0.786 Fibonacci projection of the A-wave from B, confirming this level as support and pushing price towards the upper resistance line of the declining wedge formation. A break of this line to the upside, once confirmed, should see appreciation in the THETA/BTC pairing. That is, THETA will begin outperforming BTC once again in this scenario.
However, that does not mean the correction in THETA/USDT is necessarily over, just that declines in BTC would be more significant.
What do you think? Has THETA turned the corner in its BTC declines?
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